EU publishes Fit for 55 as Ireland enacts Climate Law
In July 2021 the European Commission adopted Fit for 55 as part of the European Green Deal. It is a highly significant, cross-sectoral package detailing the binding actions by which it is proposed the EU will reduce greenhouse gas emissions by at least 55% by 2030 as compared to 1990 levels. Fit for 55 proposes to amend eight pieces of existing legislation and to introduce several new proposals that will see reforms to emissions trading and energy taxation, as well as significant increases to targets for emissions reduction, renewable energy, and energy efficiency.
In Ireland, the 2020 Programme for Government committed to achieving net zero emissions by 2050, 51% emissions reductions from 2021 to 2030, and the swift introduction of a Climate Action Bill. The Climate Action and Low Carbon Development (Amendment) Act 2021 has now been signed into law following through on these commitments and elaborating a detailed governance framework as a vehicle to assist their delivery.
The green transition presents a wealth of opportunity … EU industry is ready to invest, but needs predictability and a coherent regulatory framework, access to infrastructure and support for innovation.